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Riot Platforms Made Over $280 Million Last Year, New Annual Report Reveals

Riot Platforms, a Bitcoin mining operation, disclosed in its annual report for 2023, unveiled on Thursday, February 22, that it generated more than $280 million in revenue solely within the previous year.

Riot Platforms’ Record Performance

“I’m delighted to share the outcomes for Riot in 2023, representing yet another significant step forward in our journey as a leading vertically integrated Bitcoin miner,” stated Riot’s CEO, Jason Les. “In 2023, we achieved remarkable milestones, reaching record-breaking figures of $281 million in total revenues, production of 6,626 Bitcoin, and earning $71 million in power credits through our distinctive power strategy.”

This latest data signifies a notable achievement for the company, with Bitcoin production showing a robust increase of 19% compared to the previous year. Additionally, the Bitcoin mining operation substantially augmented its hash rate capacity by over 28%, nearly tripling its capacity from that of 2022.

An Expanding Bitcoin Mining Operation

Riot Platforms’ 2023 annual report additionally outlined the company’s advancements toward their 1 gigawatt Corsicana Facility, anticipated to become “the largest dedicated Bitcoin mining facility globally.”

“Simultaneously, Riot has bolstered our already formidable balance sheet, concluding 2023 with approximately $597 million in cash, 7,362 Bitcoin valued at approximately $311 million based on year-end Bitcoin prices, and nominal long-term debt,” Les elaborated. “As a premier vertically integrated Bitcoin miner, combining the development of our Corsicana Facility with a secured supply of cutting-edge miners from MicroBT, alongside our robust balance sheet, positions Riot as having the most secure and visible trajectory in our industry to realize our growth objectives.”

Riot Platforms and Texas Blockchain Council File Lawsuit Against EIA

The annual report from the Bitcoin mining operation coincides with Riot Platforms and the Texas Blockchain Council initiating legal action against the U.S. Department of Energy regarding the agency’s requirements for energy-related data collection.

The court filing, dated February 22, characterizes the case as centered on “sloppy government process, contrived and self-inflicted urgency, and invasive government data collection.” The lawsuit asserts that the Energy Information Administration (EIA) has exceeded its authority in seeking to monitor the electrical usage of specific crypto miners following emergency approval for data collection from the Office of Management and Budget at the end of the previous month.

Lee Batcher, President of the Texas Blockchain Council, remarked in a statement, “This action is part of a broader strategy by Senator Warren and the Biden Administration as they adopt a ‘whole of government approach’ to target the digital asset industry.” Batcher emphasized that the Texas Blockchain Council, in collaboration with industry allies, perceives this as a direct assault on private enterprises, under the pretext of an emergency, lacking legitimate grounds, and exhibiting clear political bias.

At the time of the article’s publication, representatives for Riot, EIA, and TBC were not immediately available for comment.

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